MISYS, the IFA network owner, capitulated to shareholder pressure yesterday and announced plans for an independent chairman three years earlier than expected, according to this morning's papers.
The group, which also announced its intention to focus on its major software markets and “realise value” from its general insurance business, had faced fierce opposition from investors over its plans for separating the roles of chief executive and chairman, says The Times.
Although Kevin Lomax, the group’s executive chairman, had pledged to separate the roles he aimed to make the change in two to three years’ time. The City had put intense pressure on him to speed up the process.
In a statement released yesterday, Misys said it had separated the roles and appointed Sir Dominic Cadbury, its senior non-executive director, as non-executive chairman with immediate effect.
CONTROVERSIAL PROPOSALS for compulsory retirement savings may be floated by the government after a Whitehall survey highlighted the spectacular level of public apathy over the pensions' crisis, says The Scotsman.
With ever greater pressures on the State pensions' pot, millions of workers, particularly those in part-time or lower skilled jobs who do not have access to occupational pension schemes could be left facing poverty in retirement.
But efforts to entice staff to save by arming them with more information about pensions had "no impact", a study found.
The Department for Work and Pensions said: "This evaluation has made very clear just how difficult a task is faced in trying to get these employees to engage with their provision for income in retirement."
EQUITABLE LIFE is preparing to capitulate to nine former directors it is still suing, it emerged last night, says the Daily Telegraph.
The troubled life insurer is understood to be ready to meet the legal costs of the directors. This would finally bring to an end the disastrous attempt to sue its former board and auditor.
Equitable has already agreed to drop its £2bn negligence action against former auditor Ernst & Young and its £1.7bn claim against a number of the former directors on the basis that each side meets their own legal costs. However, the remaining directors were holding out and are believed to be willing to take the case to judgment.
Six of the former directors, including former president John Sclater, are represented by Allen & Overy on a conditional fee arrangement. This means that to get paid in full the law firm would have to win a successful judgment for the former directors.
If you have any comments you would like to add to this story or would like to speak to its author about a similar subject, telephone Emily Perryman on 020 7968 4554 or email [email protected].IFAonline
Despite improved risk appetite
FOS award limit increase
Relates to 136 million transaction reports
Ceremony will take place 13 November